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CGX Energy Announces Final Issuance of Common Shares to Prospector PTE. Ltd.

(TSX-V | OYL)

TORONTO, March 12, 2015 /CNW/ - CGX Energy Inc. ("CGX Energy" or the "Company") announced today the issuance of the remaining 6,254,245 common shares in the capital of CGX Energy ("Common Shares") to Prospector PTE. Ltd. ("Prospector") pursuant to the terms of a binding proposal (the "Agreement") previously announced on September 22, 2014. These Common Shares were issued at $0.49 per Common Share as partial payment for the acquisition of more than 3,100 km2 on its Demerara Block, offshore Guyana.

The Common Shares are subject to a four month and one day hold period from the date of their respective issuance. As of the date hereof, Prospector now owns 15,534,310 Common Shares or approximately 16.6% of the issued and outstanding Common Shares.

For further information, please see the Company's news release dated September 22, 2014.

About CGX Energy

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Forward-Looking Statements: This news release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur in the future. These forward-looking statements are based on certain key expectations and assumptions made by CGX Energy. CGX Energy believes the expectations and assumptions on which it develops forward-looking statements are reasonable; however, undue reliance should not be placed on forward-looking statements as there can be no assurance they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition, other risks that may affect the forward-looking statements in this news release are outlined further in the Company's Annual Information Form dated March 5, 2014 filed on SEDAR at www.sedar.com.

The forward-looking statements contained in this news release are made as of the date hereof and CGX Energy undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE CGX Energy Inc.

For further information: Michael Galego, General Counsel and Secretary at (416) 843-3858 or mgalego@cgxenergy.com